Loan Calculator

[alexm999]

I have a loan calculator that works on YEARS (12 months) and I need on
that will calculate interest over 90 days.

Here's my info:
Interest charge is 20% for 2 weeks (14 days) - I need to calculate thi
over 90 days.
If my math is correct, daily interest is 1.43%.
Can someone help me with this formula?

Here is what I have for years:
=IF(Values_Entered,-PMT(Interest_Rate/12,Loan_Years*12,Loan_Amount),"")

The above goes in my scheduled monthly payments

 

[Bernie Deitrick]

alexm,

All loan calculators work on periods, not years or months or days (Okay, the
well-designed ones are, at least.) The actual length of the period is
irrelevant.

Excel's payment calcs are well-designed. For example, if your 20% per 2
week period (can you say "Usury", children?) payments are required to be
made every 2 weeks, then your period is 2 weeks, the length of the loan in
periods is 90/14, and your payment per 1000 loaned is

=PMT(20%,90/14,-1000)

or $289.74, for a total of all payments of $1,862.61.

HTH,
Bernie
MS Excel MVP